Apple Invests $1 Billion in Chinese Uber-Rival Didi Chuxing

May 13, 2016 6:11 AM

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Apple Inc said on Thursday it has invested $1 billion (roughly Rs. 6,673 crores) in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market.

The investment comes as Apple is trying to reinvigorate sales in China, its second-largest market. Apple recently has come under pressure from Chinese regulators, with its online book and film services shut down last month, and Cook is traveling to the country this month.